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Tuesday, March 8, 2011

S&P 500 Triangle Nearing Completion

The triangle that started couple of weeks ago is nearing its end and soon we'll see a trust out of the pattern. Today the market rallied to above 1325 as I speculated yesterday and we could see the market roll over again tomorrow or Thursday. I went short again at 1322 because of the possibility of the 5th wave getting truncated and because of the coming Saudi Arabia protests. I think the market will use the oil excuse to sell off hard to test 1280. What the market does after that sell off will give us a clue on whether the market is done correcting or it is just beginning a bigger sell off.